Singapore will regulate ICO

Monetary Authority of Singapore released guidelines stating that initial coin offerings may be regulated and tokens may be considered securities
15 November 2017   2031

On November 14, Monetary Authority of Singapore, whose mission is to promote sustained non-inflationary economic growth, released guidelines concerning digital token offerings. The guidelines also presented several case studies concerning cryptocurrencies and initial coin offerings.

As it was stated in the guide, tokens sold through the ICOs based on blockchain may be considered as securities under certain conditions based on the provisions of the country’s Securities and Futures Act and the Financial Advisers Act. Maintaining digital tokens may also be regulated by Monetary Authority of Singapore if the digital tokens are capital markets products under the SFA. As it is claimed, capital markets products include any securities, futures contracts and contracts or arrangements for purposes of leveraged foreign exchange trading.

Digital tokens that perform functions which may not be within MAS' regulatory purview may nonetheless be subject to other legislation for combating money laundering and terrorism financing.

A Guide To Digital Token Offerings

Previously, an official representing Monetary Authority of Singapore, which serves as the central bank and financial regulator of Singapore, used to claim that MAS had no plans of regulating cryptocurrencies.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   905

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 


Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.